New York City CD Rates Beat National Average
FOR IMMEDIATE RELEASE:
New York, NY – May 12, 2011 – According to a recent CD rates study conducted by New York Banking Rates (www.newyorkbankingrates.com), the average CD rates in New York City were found to be higher than the national average. For easy viewing, the data has been compiled into an infographic comparing New York CD rates to other cities in the nation. After the recent recession, many consumers are interested in maximizing savings while protecting their investments from ongoing market volatility. Interest rates from CD accounts are expected to remain low until the economy shows stronger signs of growth and recovery.
The information used to complete the study was pulled from New York Banking Rate’s database of CD account rates from local banks and credit unions within a 50-mile radius of the city. This database of interest rates comes from its national partner website, Go Banking Rates, which gathers rates information from over 5,000 financial institutions nationwide. Consumers can use the Rates Table Comparison Tool in order to compare 6, 12 and 24-month CD rates between local, national and online-only banks and credit unions.
Average New York City CD Rates by Term Length
Here are the average 6, 12 and 24-month CD rates for the city of New York (the complete list of New York CD rates can be found on the website):
- Average 6-month CD rate: 0.68% APY
- Average 12-month CD rate: 0.97% APY
- Average 2-year CD rate: 1.38% APY
National CD Rates Averages
For comparison, the following are the average 6, 12 and 24-month CD rates within New York Banking Rate’s database for the entire United States:
- Average 6-month CD rate: 0.60% APY
- Average 12-month CD rate: 0.86% APY
- Average 2-year CD rate: 1.21% APY
About New York Banking Rates and the Rates Comparison Tool
New York Banking Rates (www.newyorkbankingrates.com) is a comprehensive online resource for the best interest rates on financial services in New York, as well as informative personal finance content and helpful tools. It is a part of the GoMediaNetwork, which includes more than 2,000 personal finance websites, providing two million visitors per month with information, tools and ideas to address their banking, credit and insurance needs. The sites aggregate financial rate information, offering consumers the best rates on personal financial products locally and nationally from banks and credit unions, insurance providers, lenders and other financial institutions.
The Go Banking Rates Rates Comparison Table allows visitors to easily compare interest rates from financial institutions all over the nation. Go Banking Rates continuously checks rates from over 5,000 banks and credit unions nationwide, then compiles the rates into easy-to-read tables, sorted by the best rates available both nationally and locally so that anyone searching online can find the best rates.
Additionally, through the innovative Rates Update System, U.S. banks and credit unions may easily verify and update their own interest rates by logging into a secure private account. This technology ensures that anyone visiting New York Banking Rates or any other Go Media Network site in search of the latest interest rates for certificates of deposit, savings accounts and more will always see the most current rates available and make well-informed decisions regarding where and how to deposit his money.